US shares surge following Biden's withdrawal from election race
Date
7/23/2024 3:50:37 AM
(MENAFN) On Monday, major US stock exchanges experienced gains following President Joe Biden’s decision to withdraw from the November 5 presidential election. The Dow Jones Industrial Average saw an increase of 171 points, or 0.43 percent, bringing it to 40,459 by 12:21 p.m. EDT (16:21 GMT). This rise follows a 0.72 percent gain for the blue-chip index during the previous week.
The S&P 500 climbed 36 points, or 0.65 percent, to reach 5,540. This uptick comes after the index faced a 1.97 percent decline in the previous week. The nasdaq Composite surged 184 points, or 1.04 percent, to 17,911, rebounding from a 3.65 percent drop last week. Both the S&P 500 and the Nasdaq had experienced their largest weekly losses since April in the preceding week, contributing to the current rebound.
The VIX volatility index, often referred to as the "fear index," fell by 6.2 percent to 15.49, indicating a reduction in market uncertainty. Meanwhile, the yield on the 10-year US Treasury bond increased by 0.73 percent, reaching 4.270 percent.
In the currency markets, the dollar index decreased marginally by 0.02 percent, settling at 104.36. Conversely, the euro gained 0.07 percent, trading at USD1.0885 against the dollar.
Precious metals saw declines, with gold prices falling by 0.5 percent to USD2,388 per ounce and silver decreasing by 0.57 percent to USD29.05 per ounce. Oil prices also experienced a slight drop, with global benchmark Brent crude at USD82.34 and US benchmark West Texas Intermediate at USD78.34, both down approximately 0.3 percent.
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